PNC Financial Services Group Inc. Has $41.25 Million Stock Position in Fortinet, Inc. $FTNT

PNC Financial Services Group Inc. lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 490,646 shares of the software maker’s stock after selling 28,349 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fortinet were worth $41,254,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Fortinet by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock worth $7,684,461,000 after purchasing an additional 1,024,516 shares in the last quarter. State Street Corp boosted its position in shares of Fortinet by 3.0% in the second quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock worth $3,085,244,000 after buying an additional 862,468 shares during the period. Geode Capital Management LLC grew its holdings in shares of Fortinet by 5.2% during the second quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after buying an additional 828,569 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet during the second quarter valued at $1,640,900,000. Finally, Invesco Ltd. raised its position in Fortinet by 7.9% during the second quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock valued at $977,718,000 after buying an additional 677,654 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 343,106 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the completion of the sale, the vice president owned 10,210,282 shares of the company’s stock, valued at $831,321,160.44. This represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 175,737 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total value of $14,308,506.54. Following the transaction, the chief executive officer owned 51,396,385 shares in the company, valued at approximately $4,184,693,666.70. This trade represents a 0.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 1.5%

Fortinet stock opened at $85.56 on Tuesday. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm’s fifty day simple moving average is $80.60 and its 200-day simple moving average is $81.82. The company has a market capitalization of $63.63 billion, a P/E ratio of 35.21, a P/E/G ratio of 2.95 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.07. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the company posted $0.74 earnings per share. Fortinet’s revenue for the quarter was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price objective on Fortinet from $72.00 to $73.00 and gave the stock an “underweight” rating in a research report on Friday, February 6th. Evercore set a $80.00 price target on shares of Fortinet in a report on Friday, February 6th. Morgan Stanley reiterated an “underweight” rating and issued a $70.00 price objective (up previously from $66.00) on shares of Fortinet in a research note on Thursday, December 18th. Daiwa Securities Group downgraded shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price for the company. in a research report on Wednesday, November 12th. Finally, HSBC cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-two have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $89.07.

Fortinet Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.